Bringing Down the House: Why Betting with Cryptocurrency is the Future of Online Gambling

By Mike Igi | December 14, 2021

Imagine you’re on a game show and the host has just given you 48 hours to turn $20 into $40 or more. Some of the other contestants are trying out the stock market. Others are looking for quick-turnaround business ideas.

But not you. You’re going for a high-reward strategy. That’s right. You’re heading to the casino.

In 2020, the online gambling industry was worth $66.7 billion. And along with these enormous sums, there’s a trend happening in the online gambling industry that not a lot of people are talking about — betting with cryptocurrency.

Could betting with crypto be the secret sauce that your online betting experience has been missing? Should online bitcoin casinos be the next stop in your gambling journey? Read on to see some of the reasons we think crypto betting is the future of online gambling.

1. You Have More Privacy

If you think money is a touchy subject when you’re standing around the water cooler at work, imagine how the federal government feels about untaxed money that’s been obtained through illegal means. Basically, it’s not pretty.

In an attempt to curb money laundering, lawmakers have been bringing forward Know Your Customer legislation. What this means is that if businesses operate in financial or financial-adjacent industries, they have to make an effort to verify who their clients are. As such, when you start gambling with money at a casino, you may be asked for personal information like your driver’s license, your banking information, and even a video that includes your face.

Now if it’s your bank or your job asking for this type of information, you might not see a problem. But when all you’re trying to do is load up a round of poker, handing over all of that identifying information might feel like overkill. And that’s before you realize that a data breach or a hack could expose your personal details to identity thieves and bad actors.

Cryptocurrency, and Bitcoin, in particular, is known for its use of blockchain technology. And because these transactions are anonymous, you can place your bets without having to give up your privacy.

2. Betting With Bitcoin Is Reliable

In 2021, Chick-Fil-A had a system-wide credit card processing outage. And in a world where people are increasingly not carrying cash, you can imagine how inconvenient this was to the folks who were just trying to buy some lunch.

Although we often think of credit card processors as the gold standard of reliability, that rock-solid dependability starts to wither away fast in the online gambling market. In addition, even if the casino you’re looking at has been using third-party processors successfully to date, it’s all too easy for a payment processor to wake up one day and say, “We do not support gambling in this establishment any longer.”.

With BTC casinos, a random third party shutting down the entire blockchain isn’t anything that should logically be keeping you up at night. As long as you have the keys to your wallet, you can rest assured that your payment will be accepted. Your ability to deposit and withdraw money just doesn’t get any more dependable than that.

3. Fast Deposits and Withdrawals

Everybody knows that the best things in life are often the ones worth waiting for. But if you’re placing a wager on tonight’s game, a delay in your deposits could cost you a lot of money as you wait for your funds to clear.

Or maybe that’s not you. Maybe you placed a wager, made a ton of money, and you’d like to see the money in your account before the rent comes due. Either way, wouldn’t it be nice if you could get lightning-fast deposits and withdrawals from your casino?

With Bitcoin casinos, deposits and withdrawals from your cryptocurrency wallet are practically instantaneous. There are no two or three business-day holds and no lengthy approval times tying up your funds. In many cases, you can open an account and deposit money within minutes. And withdrawing your money can be done in roughly the same amount of time.

4. Conversions Can Be Made With Ease

For many people, gambling with Bitcoin comes with a major caveat:

The mathematics of it all can be nuts. So much so that depending on how much crypto you’re dealing with, you may need to moonlight as a statistician to keep track of all those decimal places.

Now that Bitcoin Mania has become mainstream, however, many cryptocurrency-based casinos have become more intuitive and customer-friendly. As a result, your cryptocurrency can be converted to US dollars pretty much automatically. And with that number-based barrier out of the way, gambling with Bitcoin and other crypto has never been easier for the average, everyday person.

Want More Gambling Options? Try Betting With Cryptocurrency!

Less than 10 years ago, if you had told people that betting with cryptocurrency was an inevitable trend, most folks would have called you crazy. But in 2021, gambling with crypto isn’t just a technological possibility – it’s a practice that’s going on 24/7 around the globe.

If you love the speed, privacy, and simplicity of transferring Bitcoin, then you’ll love the experience of gambling through a crypto casino. Whether you’re looking for more variety in your games or you want the option to cash out fast, crypto betting allows you to be in the driver’s seat.

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